{"id":1096,"date":"2019-08-02T14:36:11","date_gmt":"2019-08-02T06:36:11","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=1096"},"modified":"2020-01-13T14:50:41","modified_gmt":"2020-01-13T06:50:41","slug":"asc-invites-comments-on-exposure-draft-ed-2019-6","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2019\/08\/02\/asc-invites-comments-on-exposure-draft-ed-2019-6\/","title":{"rendered":"ASC invites comments on Exposure Draft ED\/2019\/6 Amendments to IAS 1 and IFRS Practice Statement 2"},"content":{"rendered":"\n<p>On or about 2 August 2019, the Accounting Standards Council (ASC) invites comments on Exposure Draft ED\/2019\/6 <em>Disclosure of Accounting Policies (Proposed amendments to IAS 1\u00a0and IFRS Practice Statement 2) <\/em>by 18 October 2019.  The compiled comments would then be summarised and forwarded to the IASB. <\/p>\n\n\n\n<p>On or about 1 August 2019, the International Accounting Standards Board (IASB) has published the Exposure Draft ED\/2019\/6.  Comments are requested by 29 November 2019. <\/p>\n\n\n\n<p>The  proposed changes aim at assisting entities in providing accounting  policy disclosures that are more useful to primary users of financial  statements. The IAS 1 entails entities to disclose their \u201csignificant\u201d  accounting policies. The ED proposes to replace this requirement with a  requirement to disclose \u201cmaterial\u201d accounting policies.<\/p>\n\n\n\n<p>The  ED proposes changes to assist entities in applying the concept of   materiality in making decisions regarding accounting policy disclosures.   The proposed amendments to  paragraphs 117-122 of IAS 1 in the following ways: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Paragraph 117 of IAS 1 would be amended to require an entity to disclose its <strong>material<\/strong> accounting policies instead of its <strong>significant<\/strong> accounting policies;<\/li><li>Paragraphs 117A-D of IAS 1 would be\u00a0added to explain how an entity  can identify a material accounting policy (for example an accounting  policy has changed during the reporting period, was chosen from  alternatives allowed in IFRSs, was developed in accordance with IAS 8 in  the absence of an IFRS that specifically applies, relates to an area of  significant judgement and assumption, or reflects unique  entity-specific application of an IFRS);<\/li><li>Paragraph 122, which requires an entity to make disclosures about  \u2018other judgements\u2019, would be retained but would see a minor amendment to  replace the reference to \u2018significant accounting policies\u2019 with the  reference to \u2018material accounting policies\u2019.<\/li><\/ul>\n\n\n\n<p>The IASB has also developed additional guidance to be included in  the Materiality Practice Statement for entities to use when applying the four-step materiality process to accounting policy disclosure. This  additional guidance is supported by two new examples that highlight the need to focus on information that is useful to users of financial  statements and demonstrate how the application of the four-step  materiality process can address the issues of: <\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>boilerplate or generic  information being disclosed in accounting policies that are material to  the financial statements; and <\/li><li>instances in which accounting policy  disclosures contain only information that repeats the requirements of IFRSs. <\/li><\/ol>\n\n\n\n<p>Source: ASC website, 2 August 2019<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On or about 2 August 2019, the Accounting Standards Council (ASC) invites comments on Exposure Draft ED\/2019\/6 Disclosure of Accounting Policies (Proposed amendments to IAS 1\u00a0and IFRS Practice Statement 2) by 18 October 2019. The compiled comments would then be summarised and forwarded to the IASB. On or about 1 August 2019, the International Accounting [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,6],"tags":[],"class_list":["post-1096","post","type-post","status-publish","format-standard","hentry","category-accounting","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=1096"}],"version-history":[{"count":2,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1096\/revisions"}],"predecessor-version":[{"id":1098,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1096\/revisions\/1098"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=1096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=1096"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=1096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}